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The impact of money on output in Czech Republic and Romania

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dc.title The impact of money on output in Czech Republic and Romania en
dc.contributor.author Simionescu, Mihaela
dc.contributor.author Balcerzak, Adam P.
dc.contributor.author Bilan, Yuriy
dc.contributor.author Kotásková, Anna
dc.relation.ispartof Journal of Business Economics and Management
dc.identifier.issn 1611-1699 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2018
utb.relation.volume 19
utb.relation.issue 1
dc.citation.spage 20
dc.citation.epage 41
dc.type article
dc.language.iso en
dc.publisher Vilnius Gediminas Technical University
dc.identifier.doi 10.3846/jbem.2018.1480
dc.relation.uri https://journals.vgtu.lt/index.php/JBEM/article/view/1480
dc.subject GDP en
dc.subject Granger causality en
dc.subject Internal credit en
dc.subject Money demand en
dc.subject Money supply en
dc.subject Neutrality of money en
dc.subject VECM en
dc.description.abstract The problem of relationship between output and money has become again a subject of special interests of economists after the most recent global financial crisis and monetary stabilization policies applied by central banks of almost all developed economies. In this context, the main aim of this paper is to assess the relation between GDP and the most important monetary variables in two countries: Romania and Czech Republic over the period of 1995:Q1 - 2015:Q4. The choice of these economies was deliberate. The selected countries are different from the viewpoint of rate and results of transformation from the centrally planned to market economy, which have influenced their current economic environment stability. Czech Republic is currently classified as middle or even developed country, whereas Romania is still considered as a developing economy. Thus, differences between these two countries make them interesting in the case of comparative studies. In the empirical part of our research the vector error correction models (VECM) were applied. The main findings of the article are the following: in Romania, there is a short-run causality from money supply (M3) to GDP and a long-run relationship between GDP, internal credit and M3. According to Granger causality test, the rate of M3 in Romania was a cause for economic. In Czech Republic, there is a short-run causality from M3 to GDP and a long-run causality between GDP, internal credit and M3. Thus, the results contradict the money neutrality hypothesis in post-transformation Central European economies. © 2018 The Author(s). en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1007976
utb.identifier.obdid 43878256
utb.identifier.scopus 2-s2.0-85047065923
utb.identifier.wok 000440620100002
utb.source j-scopus
dc.date.accessioned 2018-07-27T08:47:37Z
dc.date.available 2018-07-27T08:47:37Z
dc.rights Attribution 4.0 International
dc.rights.uri http://creativecommons.org/licenses/by/4.0/
dc.rights.access openAccess
utb.contributor.internalauthor Bilan, Yuriy
utb.fulltext.affiliation Mihaela SIMIONESCU1, Adam P. BALCERZAK2, Yuriy BILAN3* https://orcid.org/0000-0003-0268-009X, Anna KOTÁSKOVÁ4 1 Institute for Economic Forecasting, Bucharest, Romania 2 Department of Economics, Nicolaus Copernicus University, Toruń, Poland 3 Faculty of Management and Economics, Centre of Applied Economic Research, Tomas Bata University in Zlin, Zlín, Czech Republic 4 Faculty of Economics and Business, Paneuropean University in Bratislava, Bratislava, Slovakia *Corresponding author. E-mail: yuriy_bilan@yahoo.co.uk
utb.fulltext.dates Received 29 November 2017; accepted 23 February 2018
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utb.scopus.affiliation Institute for Economic Forecasting, Bucharest, Romania; Department of Economics, Nicolaus Copernicus University, Toruń, Poland; Faculty of Management and Economics, Centre of Applied Economic Research, Tomas Bata University in Zlin, Zlín, Czech Republic; Faculty of Economics and Business, Paneuropean University in Bratislava, Bratislava, Slovakia
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